Canadian financial institutions Bank of Montreal (BMO), Royal Bank of Canada (RBC) and Canadian Imperial Bank of Commerce (CIBC) have announced underwhelming results for the second of quarter of 2020.
Containment measures that were implemented to curb the damage brought on by the Covid-19 pandemic resulted in the country’s GDP contracting by 10% in the first calendar quarter of 2020. Economic output is expected to decline by a further 40% in the second calendar quarter. The Bank of Canada cut its policy rate to 0.25% in March from 1.75% to maintain economic stability. Nonetheless, the outlook appears bleak with GDP being expected to remain lower than 2019 levels through the remainder o
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